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Jun 30, 2024
Urban One Q2 2024 Earnings Report
Reported a decrease in net revenues and a shift from operating income to operating loss compared to the same period in 2023.
Key Takeaways
Urban One, Inc. reported a decrease in net revenues for the second quarter of 2024, with a significant shift from operating income to an operating loss. The company experienced a net loss, contrasting with a net income in the prior year. Declines in cable television and digital revenues significantly impacted the overall financial performance.
Net revenues decreased by 9.2% compared to the same period in 2023.
The company reported an operating loss of $60.4 million, a stark contrast to the $9.7 million operating income in the prior year.
Net loss was $45.4 million, or $(0.94) per share, compared to a net income of $70.4 million, or $1.48 per share, in the same period last year.
Adjusted EBITDA decreased to $28.4 million from $37.5 million in the prior year.
Urban One
Urban One
Urban One Revenue by Segment
Revenue by Segment
Radio Broadcasting Revenue
CapyFin.comReach Media Revenue
CapyFin.comDigital Revenue
CapyFin.comCable Television Revenue
CapyFin.com Forward Guidance
Urban One anticipates a significant increase in political advertising revenues for the remainder of the year, which should benefit both radio and digital divisions. The company is also seeing a bounce-back in ratings and delivery in Q3 for its Cable TV business. However, the Cable TV business continues to suffer from subscriber churn and audience delivery shortfall.
Positive Outlook
- Significant uptick in political advertising revenues expected.
- Optimistic outlook for radio and digital divisions due to political advertising.
- Bounce-back in ratings and delivery in Q3 for Cable TV.
- Sequential improvement in national revenues vs. Q1 in the radio division.
- Digital business remains well-positioned for the second half of the year, particularly with political and CTV advertising.
Challenges Ahead
- Cable TV business continues to suffer from subscriber churn.
- Cable TV business continues to suffer from audience delivery shortfall.
- Weaker local revenues offset improvements in national revenues.
- Q3 core radio revenue is currently pacing down 6.9% on a same station basis.
- Digital business experienced weaker advertising demand than the prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income